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Dinner with racers did an episode with Scott tucker and his reasoning was that his interest rates were lower than the banks

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Sure his posted interest rate was lower, but they charged a renewal fee every 2 weeks, and a bunch of other shady tactics. The Dirty Money episode claimed the average $350 loan turned into over $900 by the time it was paid off in a month or two.

Also, googles say he was convicted in 1991 of three felony counts including mail fraud and defrauding a bank, and served a year in federal prison. But yeah, sure Scott - you didnít do anything wrong that time either.

He was obviously doing something sketchy but it was pretty smart and worked. He was filling a need in the market and praying on a customer base that needed the product. The product was a payday loan - intended to be for one pay day 2 week term. People sign the agreements without first understanding what theyíre signing up for.

Right because they made it as deceptive as they could. Itís not like he was offering an honest product to fill a gap in the market, there are thousands of companies in that sector. He was taking advantage of those folks and preying on their desperation.
Bottom line: He tried to skirt the law and lost.